Total
0
Shares
iTech Minerals (ASX:ITM) - Managing Director, Michael Schwarz
Managing Director, Michael Schwarz
Source: Michael Schwarz / LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • iTech Minerals (ITM) receives the first batch of assay results from the resampling program at the Ethiopia Prospect in South Australia
  • This sampling confirmed iTech’s view of dual potential for high-priority kaolin and coincident ion adsorption clay rare earth element (REE) mineralisation
  • Best results include six metres at 896 parts per million (ppm) total rare earth oxides (TREO) including two metres at 1104 ppm TREO
  • iTech has resampled a further 12 holes with results expected in the next five to six weeks
  • Shares in iTech are up 16.7 per cent on the market and are trading at 28 cents

iTech Minerals (ITM) has received the first batch of assay results from the resampling program at the Ethiopia Prospect in South Australia.

Previous aircore drilling by Adelaide Exploration in 2007 identified thick intervals with 41 holes drilled and 10 sampled to assess the potential for high purity kaolin and ion adsorption clay rare earth element (REE) mineralisation.

This sampling confirmed iTech’s view of dual potential for high-priority kaolin and coincident ion adsorption clay rare earth element (REE) mineralisation.

These rare earths have significant neodymium and praesidium which are critical in the production of magnets for electric vehicles and renewable energy.

Best results include six metres at 896 parts per million (ppm) total rare earth oxides (TREO) from zero metres including two metres at 1104 ppm TREO.

Managing Director Mike Schwarz commented on the sampling program and results.

“The nature of high purity kaolin and REE mineralisation at Ethiopia opens the path for the potential of an extremely low-cost source of these two critical minerals,” Mr Schwarz said.

“Processing of the high purity kaolin increases the REE grades and extracting the REEs makes a higher quality kaolin product, potentially leading to more financially robust project economics.”

iTech has resampled a further 12 holes with cerium values above 100 ppm to analyse for the full suite of REEs.

Results from the holes are expected in the next five to six weeks, and they will be used to focus the drilling program on the areas with the best potential for coincident high purity kaolin and REE mineralisation.

Once drilling is completed, iTech will have enough samples to optimise REE extraction.

Shares in iTech were up 16.7 per on the market and were trading at 28 cents at 11:36 am AEDT.

ITM by the numbers
More From The Market Herald
The Market Herald Video

" Security Matters (ASX:SMX): Addressing fashion’s $40-billion problem

Australian company Security Matters is taking the lead in helping the fashion industry’s attempts to address a $40-billion problem.
Adriatic Metals PLC (ASX:ADT) - CEO, Paul Cronin

" Adriatic Metals (ASX:ADT) releases silver assays for Rupice Mineral Resource

Adriatic Metals (ADT) has released silver assays for its wholly-owned Vares Silver Project in Bosnia and Herzegovina.
Turaco Gold (ASX:TCG) -Managing Director, Justin Tremain

" Turaco Gold (ASX:TCG) receives results from Bouake North

Turaco Gold (TCG) has received results from its recently completed auger drilling program at the Bouake North prospect in Côte d’Ivoire.
Ensurance (ASX:ENA) - Incoming Non-executive Chairman, Tony Leibowitz

" Ensurance (ASX:ENA) appoints new CEO

Ensurance (ENA) has appointed Mr Tom Kent as CEO, effective from January 1, 2022.